Finance

BUA foods records N40bn profit in 3 months

BUA gets $500m facility from IFC for industrialisation

BUA Foods Plc has reported N40.47 billion as post-tax profit in the first quarter of 2023 which is 77.15 per cent higher than the N22.85bn…

BUA Foods Plc has reported N40.47 billion as post-tax profit in the first quarter of 2023 which is 77.15 per cent higher than the N22.85bn realised in Q1 2022.

Read:  Parallex Bank gets recognition

A statement from the company said the basic earnings per share grew by 77.17%.

BUA Foods also maintained a strong balance sheet as total assets and total shareholder’s equity grew by 6.98% and 17.52% respectively.

The company reported that its sales grew from N90.07bn in the first quarter of 2022 to N144.32bn at the end of Q1 2023. The strong topline growth resulted in a significant increase in gross profit from N28.33bn to N56.66bn, up by 99.99%.

The revenue growth was majorly spurred by the rise from the sales of fortified sugar (95.72%), bakery flour (61.74%), non-fortified sugar (38.61%), Pasta (21.89%), and the revenue of N384 million realized from the sale of head rice which was not recorded in the preceding year of the same period.

Read:  Tips to create engaging YouTube Shorts videos

BUA Foods also recorded a 41.99% increase in the cost of sales majorly spurred by the increase recorded in the cost of raw materials and energy among others, in the period.

Read:  5G Deployment is 97% ready – NCC

Dailytrust

Related posts

Kuda launches awareness campaign

NigGal

Insurer pays N2.5bn claims in Q3 2021

NigGal

Operator pleads for cryptocurrency regulation

NigGal

Wema Bank’s assets cross N1tn mark

NigGal

N165bn back in banks as Buhari unveils redesigned Naira

NigGal

Shareholders approve Wema Bank’s 24kobo dividend

NigGal

Leave a Comment